Generali to divest Panama business for $172m

Italian guarantor Generali has agreed with Panama-based ASSA Compañía de Seguros to sell its insurance business in Panama in an exchange esteemed at $172m.

Under the particulars of the arrangement, Generali will offload the resources and liabilities of the branch, including its insurance portfolio.

The deal is essential for Generali's procedure to upgrade its geological presence, boost functional effectiveness and work on capital assignment.

Generali, through ASSA, will stay dynamic in Panama with its worldwide business lines, specifically, Generali Representative Benefits, Generali Global Corporate and Business and Europ Help.

ASSA Compañía de Seguros works as a subsidiary of Grupo ASSA and offers life coverage and general insurance industry in Panama. Established in 1982, ASSA Compañía de Seguros is based in Panama City, Panama.

Generali President of global business lines and global Frédéric de Courtois said: "This exchange is one more step in the right direction in the rebalancing of Generali Gathering's geological presence across the world.

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"We are gaining great headway in the enhancement of our topographical impression. We just reported the removal of Colombia and the exchange of Guatemala and this arrangement will additionally assist us with accomplishing our objectives and to seek after our technique to make Generali a less complex and more brilliant organization".

The exchange is forthcoming receipt of the endorsement of the capable specialists.

Prior in July, Generali agreed with Germany-based Talanx to offload Generali Colombia Seguros Generales and its extra security subsidiary, Generali Colombia Vida Compañia de Seguros for around €30m.

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